Published by Justin Lewis-Anthony on 21 Feb 2009 at 12:28 am
The crisis of credit
Ronald Reagan said that “A recession is when your neighbour loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his.” The reasons why you are losing your job, or your neighbour is losing his, are never as easy to understand as Reagan’s knockabout political abuse seems to pretend.
Why are we mired in such financial and economic turmoil?
In the UK we are fortunate to have Evan Davis and Robert Peston to explain the ins and outs of the credit crunch to us. In the Church of England we have been fortunate to have Andreas Whittam Smith, First Church Estates Commissioner, explain the ins and outs of the credit crunch to the General Synod. Exemplary as all these explanations are and have been, I have yet to come across anything so elegant, so simple and so terrifying as Jonathan Jarvis’s The Crisis of Credit Visualized:
